The UNC Policy Manual 600.2.5.2(R) (PDF) was adopted on November 16th, 2005 and provides a clear definition of any foundation, association, corporation, LLC, partnership or other non profit entity that was established by officers of the University, that is controlled by the University, that raises funds in the name of the University, that has a primary purpose of providing services or conducting activities in the furtherance of the University's mission pursuant to an agreement with the University, or that has a tax exempt status that is based on being a support organization of the University.

There are seventeen separate legal entities that the University considers an associated entity. Each entity is unique and provides an important benefit to the University. To maintain their status each must abide by relevant University policies, undergo a periodic review, meet organizational requirements, have a tax exempt status, have at least one Senior Officer or designee on the governing board or who sits as ex officio (either voting or non voting), maintain financial accounting controls, have independent audits, and submit annual financial reports to the Chancellor and General Administration. The articles of incorporation include a clause which provides, upon dissolution, all assets will revert to the University, or another University approved entity unless otherwise designated by the donor of an asset.

The policy manual allows provisions for administrative and other services to be provided by the University. Memorandums of Understanding signed by the Chancellor and the President of each entity sets forth the terms of the provided services. In some instances the Board of Trustees or the University have designated that University Officers hold positions on the Board by virtue of their position with the University. Some University positions may be designated to serve as Executive Director of an entity, or act as the accountant or staff support to the entity. Other University employees may indirectly be involved through sharing of reporting systems such as gift processing, purchasing or accounts payable. This provision is based on General Statute 116-30.20 Establishment of Private, Nonprofit Corporations (PDF).

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